Ease of doing business ranking 2014

WB report: Harder to do business in VN Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI – Vietnam’s ease of doing business stands at 78 among 189 economies worldwide in the Doing Business 2015 report of the World Bank Group, compared to 72 in the 2014 report. According to the 2015 report, Vietnam has improved the national credit information by establishing a new credit bureau. Besides, the country has helped companies pay lower tax amounts by reducing the corporate income tax. However, in many areas, Vietnam’s business environment is not favorable enough for companies to operate. With the indicator of starting up a business, Vietnam is ranked 125 as a business startup requires ten procedures, takes 34 days and costs 5.3% of income per capita. In terms of tax payment, the ranking of Vietnam is 173 when companies have to complete 32 tax payments per year with 872 hours of preparing, filing and paying taxes. Besides, their total compulsory taxes account for up to … [Read more...] about WB report: Harder to do business in VN

WB report shows doing business easier in Vietnam The Saigon Times Daily By Staff Writers - The Saigon Times Daily HCMC - Vietnam stands 90th among 189 countries in terms of ease of doing business, up by three notches against the previous year, according to the World Bank’s “Doing Business 2016: Measuring Quality and Efficiency” report released on October 28. The Doing Business 2016 report completes a two-year effort to expand benchmarks that measure the quality of regulation, as well as the efficiency of the business regulatory framework, in order to better capture ground realities. Of the indicator sets used to determine each economy’s ranking, Vietnam has made improvements in starting a business, paying taxes, and getting electricity and credit. Meanwhile, the country sees a deterioration or stays unchanged in registering property, resolving insolvency, enforcing contracts, trading across borders, dealing with construction permits and protecting minority … [Read more...] about WB report shows doing business easier in Vietnam

Simplified customs procedures and reduced time spent on tax payments are among reforms that have improved Vietnam's business climate significantly over the past year, experts said at an ongoing conference. This progress came on the heels of a government resolution issued in March 2014 that aims to improve the business environment and competitiveness of Vietnam by reducing costs, time and risks involved in doing business in the country, according to the Central Institute for Economic Management (CIEM). CIEM and the United States Agency for International Development (USAID) jointly held the conference on March 12 to review the results of the implementation of Resolution 19 and discuss measures to better implement the resolution and enhance the country’s Ease of Doing Business index ranked by the World Bank. Nguyen Dinh Cung, CIEM’s director, said the improvement in business climate has been seen in several areas. The average time spent on tax and social insurance … [Read more...] about It’s getting easier to do business in Vietnam, experts say

Several days ahead of Tet, Vietnam’s Lunar New Year holiday, the owner of two Hanoi hotels received a not-so-nice surprise from a state agency. That organization had sent her a list of 35 public servants she was to hand “lucky money” -- a symbolic gesture purported to bring the recipients good fortune in the new year. In the past, she'd received requests from other government agencies for money to cover their employees' vacations. “That was corruption,” said Le Dang Doanh, a veteran Vietnamese economist who related to the hotelier's ordeal during a conference held last month. A number of independent studies have confirmed that the practice of giving and receiving bribes is so common in Vietnam that it is understood to be a routine part of doing business. To make matters worse, two recent national surveys confirmed the problem is getting worse. On Thursday, the Vietnam Provincial Competitiveness Index (PCI) 2014 reported a significant jump in the … [Read more...] about Business as usual: Bribery remains a way of life in Vietnam

VietNamNet Bridge - In 2014, on average, each Vietnamese firm spends 872 hours paying taxes and the tax costs account for 40.8% of profits, according to the World Bank’s (WB) annual report on the global business environment.
Compared to some countries in the region, Vietnamese enterprises have an unfavorable tax payment period. In Laos and Cambodia, businesses spend respectively 173 and 362 hours to pay taxes. The tax/profit rate in these countries is 21% and 25.8% respectively.
Tariff is just one of the 10 areas examined by the WB to assess the business environment of each country. Of the remaining nine criteria, the WB evaluates the ease of businesses when applying for the establishment license, building permits, access to electricity, property registration, loans, protection in international trade, contract enforcement and handling in case of loss of solvency.
Compared to last year, Vietnam fell back in five areas and improved in only two fields.
After taxation, business … [Read more...] about World Bank: 40% of Vietnamese businesses’ profits go to taxes